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Trump claims deal with Iran to reopen Hormuz: Update
Trump claims deal with Iran to reopen Hormuz: Update
Updates with changes throughout Washington, 6 May (Argus) — A peace deal under discussion with Iran would reopen the strait of Hormuz to navigation and lift the US blockade on Iranian trade, President Donald Trump said on Wednesday. "Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end," Trump said in a social media post, referring to the US designation for the military operation against Iran that started on 28 February. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before." Iran's foreign ministry said it was still reviewing a US proposal, state news agency Isna said on Wednesday. Iran's Tasnim agency, which is linked to Islamic Revolutionary Guard Corps (IRGC), said that the US proposal "contains some unacceptable clauses". Crude futures dropped sharply after Trump on Tuesday paused the US military mission to force Hormuz open and said that the US and Iran were close to a diplomatic breakthrough. Oil futures have gyrated over the past month after reported breakthroughs in the US-Iran talks that subsequently turned out to have been false starts. The US and Iran reached agreement on a ceasefire on 7 April, but the transit of vessels through the strait of Hormuz is still at a fraction of pre-war levels. Tehran has maintained tight control over the critical Mideast Gulf waterway, while the US has enforced a blockade of Iranian trade since 13 April. Neither Tehran nor Washington officially confirmed details of a possible agreement. Previous statements from Washington and Tehran have outlined the contours of an agreement that would curb Iran's nuclear program in exchange for sanctions relief for Tehran. But red lines drawn by both sides — the US insistence on eliminating Iran's theoretical capacity to produce nuclear weapons and Tehran's assertion of control over Hormuz — will have to be reconciled. The sequence of addressing the points of contention is also an issue, with Tehran keen to push discussion of its nuclear program to a later date. Senior US and Iranian leaders met face to face in Pakistan on 11-12 April, but that round of diplomacy ended without an agreement. The two countries since then have communicated indirectly, through Pakistan. The US on 4 May launched a military mission, dubbed Project Freedom, to challenge Tehran's control over Hormuz. Tehran responded to Project Freedom by launching missiles and drones at US warships and commercial ships transiting Hormuz, while the US destroyed six Iranian naval boats. Iran also targeted the port of Fujairah in the UAE. Trump said on Tuesday he would pause Project Freedom. Tehran had been reviewing the latest US peace proposal before Trump ordered the latest US military mission, and the subsequent confrontation put that review on pause, Tasnim claimed. "After Trump's retreat, Iran has resumed its review in this regard and will announce to the mediator whenever it reaches a conclusion," Tasnim said. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil must fight for oil investment: Correction
Brazil must fight for oil investment: Correction
Corrects March production figures in third paragraph. Houston, 6 May (Argus) — Brazil will need to work on the "predictability, stability and pace" of its oil investment environment to remain competitive as global capital becomes increasingly selective, an executive with Brazil's largest non-state oil producer said. Although Brazil is highly attractive for capital, "it doesn't necessarily mean it is here to stay unless we fight for it", Shell's vice president of its pre-salt operations in Brazil, Pablo Tejera Cuesta, said at the Offshore Technology Conference in Houston, Texas, on Monday. Shell is Brazil's second-largest crude producer after state-controlled Petrobras, with 427,000 b/d of output in March out of Brazil's about 4.24mn b/d total. Shell operates 20 floating production, storage and offloading vessels which recently helped push Shell's daily production to a record 500,000 b/d of oil equivalent, Tejera Cuesta said. But Brazil's government receives a relatively high share of production in comparison to some other producers, and recently regulatory decisions such as a 12pc export tax on crude that is being fought in court could contribute to eroding investor confidence in Brazil, Tejera Cuesta and other oil executives operating in Brazil said. There have also been debates and delays in decisions on drilling in the southern Pelotas basin and the environmentally sensitive equatorial margin, companies have complained. These frontier areas seen as key to maintaining Brazil's output "need to be explored" and "decisions need to be taken today, not tomorrow", Tejera Cuesta said. Brazil is also moving from decades of mostly greenfield growth from new crude discoveries to a "brownfield optimization space" in which it must use new technologies to enhance recovery of existing assets, he said. But there is still exploration underway, such as BP's 8bn bl Bumerangue oil discovery offshore Brazil . BP is advancing quickly on gathering more information on the subsurface, with plans to drill two appraisal wells and initial evaluation of an early production system starting, BP's senior vice-president of Brazil upstream Felipe Arbelaez said. "Hopefully we'll be here next year or in the next couple of years with even better news," Arbelaez said. Arbelaez as well urged Brazil to maintain a stable environment, holding up declining North Sea production as an example of excessive regulation in another part of the world. Regulators acknowledged some terms could improve, but touted Brazil's overall attractiveness. "We hope to keep advancing the regulatory and the bidding round activity [for new oil blocks] to keep this industry growing," said the director general of Brazil's oil regulatory agency ANP, Artur Watt. We want to "attract international investors to help us do that." By Carla Bass Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Kenya lowers fuel standards to ease supply access
Kenya lowers fuel standards to ease supply access
Dubai, 6 May (Argus) — Kenya has temporarily lowered diesel and gasoline quality standards to ease challenges in sourcing fuels because of the US-Iran war in the Middle East. Sulphur limits for gasoil and gasoline have been lowered to 50ppm from the 10ppm for six months from 1 May, according to Kenya's ministry of investments, trade and industry. The measure is introduced to ensure the stability of fuel imports while sourcing higher quality fuels proves difficult. It also allows Kenya to choose from a wider range of fuel suppliers. The policy will be reviewed at the end of the six-month period, or earlier if global supply conditions improve, the ministry said. This comes just a month after Kenya's energy ministry ordered the re-export of a gasoline cargo that may not have met regional fuel standard. The cargo was imported outside of the government-to-government agreements between Kenya and Mideast Gulf NOCs, under which Kenya sources majority of its diesel, gasoline and jet fuel from the Saudi state-controlled Aramco, and the UAE's state-owned Adnoc and Enoc. But supply security on this route has significantly deteriorated since Iran's de facto closure of the strait of Hormuz in March locked in Mideast Gulf production. Kenya sourced around 66pc of its diesel and 24pc of its gasoline imports from the Gulf in 2025, but received none of either from that region in April according to Kpler data. Kenya's reversion to importing lower quality fuels mirrors efforts of the wider east African region to ensure supply stability. Fuels have been arriving from unusual supply regions like the US or Nigeria to replace lost supplies from the Middle East, but this in turn reflects in higher retail prices. Diesel and gasoline prices surged in the latest monthly fuel price review done by Kenya's energy and petroleum regulatory authority EPRA on 14 April. The diesel price rose by 24pc on the month to 206.84 Kenyan shillings/l ($1.59/l), while gasoline price rose by 16pc to KSh206.97/l. EPRA cited the cost of imported products, which they said had risen by as much as 68pc for diesel and 42pc for gasoline between March and April. The price increase already accounts for the government's decision to cut value added tax on both fuels to cushion consumers from the price surge. "The ministry [of energy and petroleum] wishes to reassure Kenyans that country has adequate fuel stocks and there should be no cause for alarm", said Kenya's cabinet secretary Opiyo Wanday on 6 May. But the country may struggle to replace all lost supplies from the Mideast Gulf if the closure of the strait of Hormuz continues. By Ieva Paldaviciute Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
UK bitumen imports increase in 1Q
UK bitumen imports increase in 1Q
London, 6 May (Argus) — UK bitumen imports increased year-on-year to 225,000t in the first quarter from 191,000t, Kpler data show. This rise came despite a spike in bitumen and crude oil values after the US-Iran war started on 28 February. Market participants attribute this to term supply deals struck at a fixed price by regional players before February, which offset the impact of rising crude prices. UK domestic bitumen prices, which were assessed by Argus at £345/t ($470/t) delivered on 27 February, increased to £535/t delivered by the end of April. But this increase was less than other key European markets including Germany, France and Italy, where price spikes were much sharper. The UK bitumen market is heavily reliant on imports. The country has just one bitumen-producing refinery — the 24,000 b/d Shell-Nynas joint venture at Eastham in northwest England. Last year, the country's bitumen throughput fell to to 322,000t, its lowest since 1995. After the start of the Iran war, regional market participants expressed concerns over tightened crude supply into key bitumen producing refineries that supply the UK. But flows from Shell's 404,000 b/d Pernis refinery — the UK's primary source of bitumen — remained strong in March and April. Pernis exported 59,000t in March to the UK and 57,000t in April, Kpler data show, significantly up from 16,000t and 8,000t in March and April last year. UK bitumen buyers have also reduced their reliance on north German refineries this year. The Brunsbuettel refinery only returned to full capacity in March after being hit by a fire in October. German first quarter exports to the UK more than halved from 26,000t to 11,000t, according to Kpler data. The tighter supply could change in the coming weeks. Venezuelan crude was recently unloaded in Nynas' 13,900 b/d Gothenburg refinery, although this could not be confirmed. The plant also imported roughly 60,000t of Venezuelan high-sulphur fuel oil (HSFO) on 25 April aboard the 112,119dwt Seacalm, the first such supply since 2019. The 6,712dwt Bitpower loaded a bitumen cargo in Gothenburg on 4 May, for delivery into a terminal in Dundee, UK, for 7 May. By Navneet Vyasan UK imports.pdf k t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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